Bharat Electronics shares gain 3% on winning defence orders of Rs 3,000 crore

This project will have participation of Indian electronics and associated industries, including MSMEs, which are sub vendors of BEL.

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Shares of Bharat Electronics (BEL) gained more than 3 percent in early trade on September 18 after the company bagged orders worth Rs 3,000 crore.

Cochin Shipyard Limited has awarded a Rs 2,118.57-crore contract for supply of various equipment consisting of sensors, weapon equipment, fire control systems and communication equipment for six next-generation missile vessels (NGMV), class of anti-surface warfare corvettes for the Indian Navy.

This project will have participation of Indian electronics and associated industries, including MSMEs, which are sub vendors of BEL.

Additional orders worth Rs 886 crore for the upgradate of AFNET SATCOM N/W and Akash missiles with RF seeker, and inertial navigation system and other equipment with accessories and spares also came in tow.

The latest contracts have taken the company’s order book for FY24 so far to Rs 14,384 crore.

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The company had last month announced that it had received defence and non-defence orders aggregating to Rs 3,289 core since July.

In its results for Q1FY24, it reported a 12.48-percent year-on-year increase in revenue from operations at Rs 3,533 crore and a 47.26 percent rise in net profit to Rs 539 crore.

At 9:20am, Bharat Electronics was quoting Rs 140.35, up Rs 4.65, or 3.43 percent, on the BSE.